Wednesday, May 14, 2014

There's a new listing for 118 E. First St. ... in that area where East First Street, Avenue A and East Houston all converge.

According to the listing at Streeteasy, the property has a total approximate square footage of 3,900 — with an additional 9,000 square feet of air-rights. The folks at Marcus & Millichap are peddling the building as either "a cash flowing asset, retail-user opportunity or a development site."

Let's have the listing break it down for us...

Cash Flow Opportunity: The property contains a total of three free market apartments and one retail space. The residential portion consists of one three-bedroom, one two-bedroom and one one-bedroom. All three apartments are on month to month leases and tenants are responsible for their own heat. All the residential units have been renovated, are in fantastic condition and offer great details such as exposed bricks and decorative fire places. The 1,300 square foot retail space on the ground floor is currently vacant, with a projected rent of $12,000 per month ($111 per square foot).

Retail User Opportunity: The 1,300 square foot retail space's ideal user would be for a restaurant/bar, with an approximate 800 square foot court yard/garden. The property features highly coveted East Houston frontage and is located directly across from the famed Katz's Delicatessen and steps away from Whole Foods.

Development Site: The property contains an approximate 9,000 square feet of additional air rights. Feasibility studies done over the past couple years have determined a new structure could be built with approximately 12,500 square feet. The property is subject to the "sliver law," however, in the past year there has been Zoning Reports from the city that have ruled 118 east 1st street as being on a "Wide Street," due to East Houston Frontage.

Price: $5.15 million.

In a different lifetime, 118 E. First St. was home to Darinka, the performance space that Gary Ray opened in 1983 (RIP — 1987). Darinka's many performers through the years included house band They Might Be Giants and cabaret nights hosted by Steve Buscemi and Mark Boone Junior.

We've been meaning to do a Darinka post, so we'll revisit this topic again soon.

7 comments:

Anonymous
said...

who in there right mind would rend an apartment in a building which allows a bar or restaurant to expand into the outdoor space? I know people that live above Double Wide on 12th street which commands the garden and the noise means no sleep for tenants.

The fact that in amongst the mentions of "cash flowing asset, retail-user opportunity or a development site", not one mention is made of "housing", shows me that I can add "real estate" to "politics" on my list of jobs to never, never, never do if I want to retain my soul.

Back in 1987 the landlord ~Tom G.~ told me he was going to put the building on the market and that I would have to lease the space on a month to month basis. Can't run a club like that... From what I understand it's still in the G family. Otherwise Tom was a wonderful landlord and character. I miss him. Thanks for mentioning Darinka EV Grieve & keep up the good work!

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